Posted on 06/15/2022 2:47:01 PM PDT by American Number 181269513
Consumer spending came to a halt last month: Retail sales fell 0.3% from the prior month, the Commerce Department said on Wednesday.
Why it matters: Weak car sales weighed on retail sales, as vehicles got more expensive, shortages persisted and borrowing costs rose. Stripping out autos, retail sales actually rose 0.5%.
Details: Overall retail sales eased from April's downwardly revised 0.7% increase.
In May, consumers ramped up spending on services, including at food and beverage stores (+1.2%). Consumers cut back on goods, like furniture (-0.9%) and electronics (-1.3%). The bottom line: The unexpected drop in retail sales, which aren't adjusted for inflation, ends a five-month streak of gains.
Saving their money for that EV the Government will force them to buy ?
Why do they want to strip out every commodity that is essential to a normal life? So, let’s take out the price of food, fuel, housing and transportation, and we are on our way to a rosie year of historical savings account growth. My BS METER is pegging all day, every day.
Used vehicle prices are going to fall a lot more.
Unless you have to finance it
Millions can barely afford their gas to commute to work.......The retail biz is about to be pummeled.
Maybe I'm just picky, but "coming to a halt" means going from 100 to 0 percent.
Maybe I can get the new manual shift Ford Bronco without the $15,000 “market adjustment” fee added.
I asked them about it- It means they literally just added $15K to the price.
The original sticker price was $35,000 - I told them I was not going to pay $50,000 for a $35,000 vehicle and walked out.
“Unexpected drop in sales” ... yeh ... right.,, “unexpected” my donkey. The person who wrote this is either an ignoramus or a partisan/hack.
Like gravity, basic laws of economics still haven’t been repealed by the demonkraps. I try hard not to wish more of them would repeal the law of gravity and then have the guts to demonstrate with their own skin in the game how that works on a 100 foot cliff.
I had a manual shift Ford Bronco II back in the day , lots of fun
“Saving their money for that EV the Government will force them to buy ?”
Just wait until that happens. The tourism industry will get absolutely clobbered since people will be unable to vacation unless to locations close by.
There are plenty of Teslas about town but you don’t see many of them heading up to the Smokey Mountains or down to the beaches of Florida. You’d spend half your time just charging.
I was eyeing an electric scooter to get to the grocery store. But I’d probably get run over by small vehicles.
Friend of mine just bought a used manual shift with 24k miles on it for $14k.
It’s a 2011 model I think.
Car dealerships are wolves right now without many options but to rake customers over the coals.
The last thing people want is a car payment at 5%-6% APR.
Housing prices are about to plummet.
You have to be an idiot who works in MSM for this to be UNEXPECTED. People choosing between gas and food aren’t buying anything.
They’re just setting up for “Cash for Clunkers II”!
Good for you. I saw a $5000 dealer mark-up on a $32,000 Bronco on the lot. I read a few days ago Ford is getting a black eye because of this excessive gouging and the company supposedly is telling dealers that MSRP is the price. Vehicle is still sitting on the lot.
Gouging during Xiden’s inflation is doubly not affordable. Had there only been a vehicle shortage, without inflation (especially at the gas pump), there probably would have been less complaints to Ford.
I went to look at a dual sport motorcycle about 6 months ago. The advertised price was 5.5k...Then I asked how much out the door. They told me $8,000+... I was actually offended by this level of greed. I basically laughed in his face...I wound up buying the same exact model bike used, with super low miles, and I save over $3,000....
I have no desire to move, so I couldn’t care less about that.☺
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